28 days late today. Still haven't answered the phone. We got our first email this week stating we needed to check our account online. That is not going to happen. I still have not answered the phones. Maybe next month.
I am getting a little worried that the foreclosure process may take a very long time. There is this rumor of a "shadow inventory" that the banks have. Supposedly, they are holding onto many homes so that they don't lower the home values.Can the home values even get lower??? I saw this article this week. Las Vegas home values have decrease 24.6% year-over-year, I didn't think they could keep falling. Does anybody in Congress understand what this is doing to ALL of the Las Vegas homeowners.....Pathetic!!!
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Hi, you had replied to my post on the "Loans, Debt and Credit" forum about a DIL and VA loan. I thought I would read through your foreclosure journey while I drink a cup of coffee and enjoy naptime (I have a super daffy toddler).
ReplyDeleteI think that the concept of a "shadow inventory" is interesting. As far as I am concerned "holding onto homes" until their price rebounds is insane, especially if the original appraisal was overinflated in the first place. Not to mention that, as far as I am concerned, a vacant home is bound to fall into a state of disrepair, thus decreasing it's value.
I am worried about our home- it has already suffered the effects of vacancy. The house is in a very nice subdivision and, believe it or not, we had actual squatters! They were discovered during a home inspection on a sale that fell through. They basically trashed the carpet in the living room. So sad... Not to mention my daily dreams about the basement flooding should one of the pipes burst to the unseasonably cold winter that PA is experiencing.
When I initially called the VA about our problem, the nice man on the other end of the phone said something to the effect of "be glad that you did not purchase in Nevada or Arizona". I am SO sorry that you are going through this.
Was your loan a VA loan?
Take care,
Manda (aka TireoftheBS)
Our loan is not VA. It is a 5/1 ARM. We too worry about a vacant house but we know that we could no longer afford this house and had no ther choice. I hope things work out well for you - Again, I am sorry to hear about another military member losing everything due to a PCS.
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